The Real Deal Miami

South of Fifth prices head north

After record deals, high-floor units in short supply on South Beach’s southern tip
By Alexander Britell | November 30, 2012 04:30PM

A penthouse at Continuum

From the South Florida Market report: After more than three years of stagnation, December 2011 brought a shock wave to the Miami real estate market: A 5,803-square-foot penthouse unit at the Setai South Beach had sold for $21.5 million. The deal set a record for the sale of a condo in Miami-Dade County, and was just the beginning of what would become a boom on South Beach’s highest floors.

Eloy Carmenate, an agent at One Sotheby’s International Realty, handled the deal, which also set a record for averaging $3,700 per square foot. And for Carmenate, the boom began even earlier — a pair of sales at the W South Beach (just up Collins Avenue from the Setai), each of which sold for around $2,400 per square foot. [more]